Print Page  |  Close Window

SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 11/02/2018
Entire Document
 
 
Notes to Condensed Consolidated Financial Statements | Concentrations of Credit Risk


 
As of
 
September 30, 2018 (1)(2)
 
December 31, 2017(1)(2)
 
30 Days Delinquent
 
Seriously Delinquent(3)
 
30 Days Delinquent
 
Seriously Delinquent(3)
Percentage of multifamily guaranty book of business
0.01
%
 
0.07
%
 
0.03
%
 
0.11
%

 
As of
 
September 30, 2018
 
December 31, 2017
 
Percentage of Multifamily Guaranty Book of Business(2)
 
Percentage Seriously Delinquent(3)(4)
 
Percentage of Multifamily Guaranty Book of Business(2)
 
Percentage Seriously Delinquent(3)(4)
Original LTV ratio:
 
 
 
 
 
 
 
Greater than 80%
1
%
 
0.19
%
 
2
%
 
0.21
%
Less than or equal to 80%
99

 
0.06

 
98

 
0.11

Current DSCR below 1.0(5)
2

 
1.76

 
2

 
1.96

__________
(1) 
Consists of the portion of our multifamily guaranty book of business for which we have detailed loan level information, which constituted approximately 99% of our total multifamily guaranty book of business as of September 30, 2018 and December 31, 2017, excluding loans that have been defeased.
(2) 
Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business.
(3) 
Consists of multifamily loans that were 60 days or more past due as of the dates indicated.
(4) 
Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our multifamily guaranty book of business.
(5) 
Our estimates of current DSCRs are based on the latest available income information for these properties. Although we use the most recently available results of our multifamily borrowers, there is a lag in reporting, which typically can range from 3 to 6 months but in some cases may be longer.
Other Concentrations
Mortgage Insurers. Mortgage insurance “risk in force” refers to our maximum potential loss recovery under the applicable mortgage insurance policies in force and is generally based on the loan level insurance coverage percentage and, if applicable, any aggregate pool loss limit, as specified in the policy.
The following table displays our total mortgage insurance risk in force by primary and pool insurance, as well as the total risk in force mortgage insurance coverage as a percentage of the single-family guaranty book of business.
 
As of
 
September 30, 2018
 
December 31, 2017
 
Risk in Force
 
Percentage of Single-Family Guaranty Book of Business
 
Risk in Force
 
Percentage of Single-Family Guaranty Book of Business
 
(Dollars in millions)
Mortgage insurance risk in force:
 
 
 
 
 
 
 
Primary mortgage insurance
$
148,893

 
 
 
$
137,941

 
 
Pool mortgage insurance
419

 
 
 
519

 
 
Total mortgage insurance risk in force
$
149,312

 
5%
 
$
138,460

 
5%


Fannie Mae (In conservatorship) Third Quarter 2018 Form 10-Q
83